Should You Raise Prices in a Recession? #2336

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 11 January 2023

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2336, Neil and Eric discuss whether or not you should raise your prices during a recession. A decline in digital ad spend and overall investment in digital has been reported lately, and use the last real global recession as a point of reference. You’ll also hear an example of a recession-proof strategy along with our predictions for the changing financial climate. Tune in today to hear all this and more! TIME-STAMPED SHOW NOTES: [00:20] Today’s topic: whether you should raise your prices during a recession. [00:30] The consensus among economists today regarding the possibility of an upcoming recession. [01:06] The decline in digital ad spend and digital overall. [01:28] The last real recession we had in 2008. [01:58] Why you shouldn’t increase your prices during this time unless you have to. [02:10] Why you should try to keep your pricing consistent or reduce it if you can afford to. [02:17] An example of how focusing on pay for performance is effective in a recession. [03:36] An invitation to join us in Miami for Leveling Up Founders. [03:52] That’s it for today! Don’t forget to rate, review and subscribe! [03:59] Go to https://marketingschool.io/live to learn more! Links Mentioned in Today’s Episode: Subscribe to our premium podcast (with tons of goodies!): https://www.marketingschool.io/pro Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Leveling Up Founders Neilpatel.com Quick Sprout Growth Everywhere Single Grain Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Welcome to Marketing School, the only podcast that provides daily top-level marketing tips
0:06.4	and strategies from entrepreneurs that practice what they preach and live what they teach.
0:11.4	Let's start leveling up your marketing knowledge with your instructors Neil Patel and Eric
0:16.8	Sue.
0:19.1	We got a special message from our sponsor.
0:22.8	If you want to rank higher on Google, you got to look at your paid speed time.
0:27.3	The faster your website loads, the better off you are.
0:30.1	With Google's Corvital update, that makes it super, super important to optimize your
0:34.1	site for low time.
0:36.3	And one easy way to do it is use the host that Eric and I use, DreamHouse.
0:40.8	So just go to DreamHouse or Google it, find it, check it out, and it's a great way to
0:45.7	improve your low time.
0:47.2	All right, guys, before we start, we got a special message from our sponsor.
0:52.7	If you want to rank higher on Google, you got to look at your paid speed time.
0:57.2	The faster your website loads, the better off you are.
1:00.0	With Google's Corvital update, that makes it super, super important to optimize your site
1:04.7	for low time.
1:06.2	And one easy way to do it is use the host that Eric and I use, DreamHouse.
1:10.7	So just go to DreamHouse or Google it, find it, check it out, and it's a great way to improve
1:16.2	your low time.
1:18.1	Everyone, just a quick heads up here about our leveling up founders community, which
1:22.8	is a private invite only network of people at the top of their game in business, content
	...

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